Here’s a shocking revelation that’s bound to raise eyebrows: despite Bill Gates’ public commitment to divest from fossil fuels in 2019, his charity trust has quietly ramped up its investments in the very industry he vowed to leave behind. But here’s where it gets controversial—while Gates champions climate action and innovation, his trust’s holdings in fossil fuel giants like Chevron, BP, and Shell hit a nine-year high in 2024, soaring to $254 million, a 21% jump from 2016. Adjusted for inflation, this marks the highest investment since 2019, according to a Guardian analysis.
Let’s rewind for context. Bill Gates, the tech titan and Microsoft co-founder, was once the world’s richest man, a title he held for most years between 1995 and 2017. In 2000, alongside his then-wife Melinda, he established the Gates Foundation, now the globe’s third-largest charity. Its mission spans public health, poverty alleviation, education, and climate adaptation—noble causes that have earned it widespread admiration.
The divestment debate first hit Gates in 2015, when a global movement led by religious leaders, climate activists, students, and other charities urged major foundations to sever ties with fossil fuels. That same year, the Guardian launched its Keep It in the Ground campaign, calling on the Gates Foundation Trust and the Wellcome Trust to stop funding companies drilling for more coal, oil, and gas. And this is the part most people miss—while Gates acknowledged the campaign’s legitimacy and admired its passion, he remained skeptical of divestment as a standalone solution to climate change.
Initially, the trust did reduce its fossil fuel holdings dramatically, slashing them from $1.4 billion in 2013 to $260 million in 2015. Gates even sold off substantial stakes in BP and ExxonMobil. In a 2015 paper, he advocated for greater government investment in carbon-free energy, arguing that relying solely on market forces would perpetuate short-term gains for fossil fuel companies.
Fast forward to today, and the story takes a surprising turn. Since 2015, the trust’s investments in fossil fuel firms have rebounded. Holdings in Glencore, BP, and Occidental Petroleum, among others, have surged. For instance, BP holdings jumped from $8.7 million in 2015 to $24.2 million in 2024. While some of this growth reflects rising stock prices rather than new investments, the trend is undeniable.
In his 2021 book, How to Avoid a Climate Disaster, Gates revealed a personal aversion to profiting from fossil fuels. “I don’t want to benefit if their stock prices rise because we fail to develop zero-carbon alternatives,” he wrote. Yet, by 2024, the trust’s fossil fuel investments had not only rebounded but reached record levels. New holdings in companies like Inpex—a $139 million investment in 2024, up from $20 million in 2020—underscore this shift.
Here’s the kicker: In 2023, the companies backed by the Gates trust emitted more greenhouse gases than Russia, Japan, and Germany combined. This comes as Gates publicly pivots his focus from cutting emissions to addressing poverty and suffering, a move that has sparked debate among climate advocates.
The trust’s portfolio also includes millions in BP and Equinor, both embroiled in shareholder revolts over greenwashing allegations in 2025. Occidental Petroleum, another beneficiary, has faced criticism for using carbon capture technology to boost oil production rather than reduce emissions.
So, what’s the takeaway? While Gates’ philanthropic efforts are undeniably impactful, his trust’s growing fossil fuel investments raise questions about alignment with his climate advocacy. Is this a pragmatic approach to maximizing returns for charity, or a contradiction in his climate commitments? We’d love to hear your thoughts in the comments.
Note: The *Guardian analysis focused on direct investments in fossil fuel extractors, excluding holdings in related industries like drilling equipment or pipelines. This strict definition of “upstream” producers omits conglomerates whose primary business isn’t extraction.*
